Investors have been focusing on rising company earnings. Karyn Cavanaugh, senior markets strategist at Voya Investment Management, said U.S. companies are expecting bigger profits in spite of the trade war between the U.S. and China.

“That speaks to me a lot louder than a lot of negative headlines,” she said. “Companies have gotten very good at minimizing their costs and being very efficient with what they have.”

Oil futures fell sharply Wednesday. U.S. crude oil lost 3.2 percent to $66.94 a barrel in New York. Brent crude, the standard for international oil prices, fell 3.2 percent to $72.28 a barrel in London.

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Snap, which runs the Snapchat video app, fell 6.8 percent to $12.23 after it said daily users fell during the second quarter. It’s the latest technology company to have its stock drop after announcing discouraging user totals, joining Facebook, Twitter and Netflix.

Drugstore and pharmacy benefits manager CVS raised its annual profit forecast and rose 4.2 percent to $68.17. CVS said prescriptions sales grew, although it took a loss after it wrote down the value of its Omnicare pharmacy services business by almost $4 billion.

In April, construction equipment company Caterpillar said it doubted it would top its first-quarter profit for the rest of this year. Investors were concerned that that might hold true for the rest of corporate America, but so far it hasn’t.

A month ago analysts expected the companies of the S&P 500 to earn $160.32 per share in 2018. That’s risen by almost a dollar, to $161.29 a share. Their estimates for 2019 have risen by a bit more than a dollar, to $177.52 a share from $176.38.

Hostess Brands plunged 17.6 percent to $11.49 after it said its results were hurt by cuts in promotional support and inventory from a major retailer and higher transportation costs.

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